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Art Fried
Art Fried Af Business Ventures, Alero Ventures, Art Wilson Enterprises, Brocho Ventures, Brooklyn Boy Ventures, Chutzpah Holdings, Comprehensive Cash
22nd of Apr, 2011 by User398577
Art Fried borrowed money from me on a property to pay off a prior loan, and finance the fix-up of the property. The loan was for a 6 month period. He made several payments, then started paying late and then payments stopped. Without informing me, in the 4th month he sold the property to another investor, without paying off the note. The buyer was not fully aware of the details of the loan, and he promised to pay off all debts from the sale. He gave a copy of the paid off loan to the buyer, rather than the loan to me. The money was never used to repair the property. When we started foreclosure, the property was "coincidentally" vandalized, stripped, and flooded. This "coincidence" happened on many other properties he owned.
The property was then worth 50% of the loan amount and would require another $75,000 to repair.
He is liable for the losses since the Anti-Deficiency protection does not apply on multi-unit properties, and non-acquisition financing. To avoid repaying over $1 million in similar debts in AZ, Art Fried filed for bankruptcy in NY City. This is the 2nd such bankruptcy filing in less than 10 years!
It appears this was his intent since the beginning, and not the 1st time he used 19 (or more) shell companies to defraud investors. Investors beware, until he is caught and put in jail you are at risk!
Maybe the next time it will be a new city, and even a new name.
4260 days ago by Change_of_heart
Hello. For whatever reason I have a pretty good idea who you are, Ronald, because I've heard you go on and on with this story. I'm sorry to say that you are making a mockery of yourself with your shenanigans. Anyone in real estate knows that you can’t just buy a property and think it’s paid off. I do happen to know firsthand as to what and how this transaction has transpired and how that deal was structured.

There are 2 or 3 people out for revenge against Art and have been making a commotion, and you almost got me too with your convincing letter, but after studying it carefully I’ve realized that you are using the word “Fraud, defrauded” just a tad too freely along with massive contradictions and it’s become non-believable. I’ve recently read a lot about revenge, and decided to stay away from it. Revenge NEVER leads to true happiness. “He who seeks vengeance must dig two graves one for his enemy & one for himself.” Ronald, all I can say to you, "People who live in glass houses should not throw stones". I was just told that some of Art’s close buddies in the real estate industry who also know you from AZREIA have vowed to take you down at the right moment. They have given you enough rope to hang yourselves. Whatever goal you all have and want to accomplish, might only work against you in the long run. I'm sure Art will not fight back with beanbags while you're throwing grenades at him. Read up on “vengeance and revenge” especially when all you have is here say and fabricated stories. I do not plan on responding to any comments and getting involved here in a verbal diarrhea.

Anyone who truly knows Art does not believe and never will that he flooded and vandalized properties. You have all been fooled by Mr Bond who flooded his properties, collected a hefty insurance check and laughed himself all the way to the bank, all the while you are all running in circles and chasing your tails for almost 2 years now. Did your property “Really” get flooded, Ronald? Bond wanted to be judge, jury and hangman and at the end he hung himself. Stay tuned (in real time, not on the internet). A sworn affidavit from a trusted source has been delivered to the insurance company with fingers pointing at Bond, real proof.
4179 days ago by User398577
Change of Heart you seem to be assuming every complaint made against Art Fried was posted by someone named Ronald. Maybe I should provide you with the list of approx. 50 Creditors who were named on bankruptcy filing in New York City, as well as the documented amounts they lost. Then you can see first that the losses are in the millions (most money is unaccounted for), second that very few are named Ronald, and thirdly why he filed for bankruptcy in NYC rather than Arizona where the scams occurred, and the 27 LLC's were registered or supposedly registered. Incidentally he claimed on the BK filing to live in a post office box!

Frankly the scale of the loses, and number of people who's financial future is at risk due to trusting Art Fried, and the copies of forged documents, are all good reasons that he should worry about revenge. Most people who lose money in legitimate transactions do not seek revenge. Incidentally, Ronald's losses are not the highest among those Creditors.

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